Net earnings for the quarter totaled $11.3 million, or 28 cents per share versus, $12.6 million, or 31 cents per share, in the comparable 2002 period. For the six months, net earnings were $20.4 million, or 50 cents per share, versus $24.2 million, or 60 cents per share, for the same period last year.
Second-quarter revenue was $24 million against $22 million last year. For the six months, revenue totaled $47.6 million compared to $45.8 million in the 2002 period.
FFO in the quarter totaled $14.49 million, or 36 cents per share, compared to $14.5 million or the same per-share number a year ago.
But the company's 350 properties in 39 states with a gross leaseable area of 6.8 million sf was in healthy shape, according to Gary M. Ralston, CNLR's president and chief operating officer. "We are pleased with our solid 96.9% occupancy which we attribute to the quality of our assets and associates," he says.
The company is also in a solid cash position, according to its balance sheet filed with the Securities and Exchange Commission. Cash and cash equivalents on June 30 totaled $3.4 million compared to $1.7 million in the first half of 2002. Total assets of $993.7 million are up from $954 million reported last year.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.